, there is a reason Airbnb has fought with the hotel industry tooth and nail about everything from taxes to licenses, etc.  

Lance nailed it!

A little update, The property owner hasn't nailed down a total price but is thinking somewhere between $500K and $550. 

Nail in coffin, this house has septic tank, anything needs to be done for it?

Nailed it with " Section 8 tenants have certain demands since the market rate tenant pool is not very reliable.

Within 5 minutes he said roofer used too short of nails (multiple layers of shingles) and to expect continued problems with the roof. 

Not knowing your age and total income makes it hard to nail down the numbers but you should be able to reduce a significant portion.

Condition and reapirs acceptable.Budget for repairs.Rents.Cash flow.Once you have that nailed down and you look at inventory through that lense you will see that 99% of the listings do not meet all of your criteria.

So with my fingers crossed and hair pulled out wondering if I could pull it off without making a worm dinner for myself, I took that romex I found apart at the panel in the basement, attached a pull wire to it in the basement, pulled it back up to the bathroom, then attached two new wires for a total of three, and pulled them all back down very carefully, by myself mind you, through that tiny space full of nails and debris and all that.

I think that @Corby Goade hit the nail on the head... the only thing I'd add is to meet with them in person, and see how they field questions on the spot.